An "insider" at LLN has it on good authority that the oft-rumored Prius brand is, in their words, "a go." According to their source, the goal of the spin-off is to create cheaper hybrid models that would command a marginal premium over their standard, hybrid-free counterparts.

In the future, we'll eat all our meals from toothpaste tubes, everyone will be beautiful and healthy, and we won't need cars, what with the proliferation of nuclear-powered jet packs. Prediction is such thorny business, though Toyota isn't making such a fantastical claim by suggesting that each of its vehicles will have a hybrid option available by 2020. Wired's blog seems to agree that by 2020, hybrids will have proliferated like rabbits, and we'll be awash in electron propulsion systems.